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Budget
As a member of the House Committee on the Budget, I contributed to writing what ultimately became the Fiscal Year 2006 Federal Budget.
The House Budget Committee develops a budget resolution. Fundamentally, the budget resolution sets Federal spending according to various budget functions, which are simply categories of spending.
The budget resolution also sets in motion subsequent legislative activity that is submitted to the President and, when enacted, has the force of law. It is through these laws – specifically, appropriations bills and, if necessary, reconciliation legislation – that the Congressional budget’s spending and tax guidelines are implemented.
The FY’06 Budget Resolution strikes a balance among America’s competing demands, weighs needs against desires and sets a plan to fund programs that will keep Americans safe, stimulate our recovering economy and provide adequate medical care and education to every citizen.
While, this is not an easy task, our principal obligations are clear. As passed, this budget meets America’s top priorities:
- Continued economic growth
- Responsible and efficient spending
It is our government’s fiscal responsibly to achieve its goals without shifting excessive burdens to future generations. If we are asking America’s families to tighten their fiscal belts year after year, and if we are asking our state and local governments to do the same, isn’t it time Washington follows suit? The budget resolution I worked to get passed, accomplished that by putting together a package that will cut the Federal deficit in half by 2009, eliminate wasteful spending and fraud and most importantly continue to meet America’s obligations at home and overseas.
Remnants left over from a recession, the economic devastation of September 11, and the resulting war on terrorism, have led to the return of deficits in the federal government. This budget focuses on a return to greater spending discipline providing instruction to find savings in various areas of the Federal government. This is not intended to be a cut on any federal program, but rather making these programs more efficient so that no American taxpayer is forced to bear the burden of government’s inefficiencies and misuse. Regardless of the spending level, a federal program’s measure of success should never be based on its size or the amount of money spent on it, but the value it delivers. Through greater spending discipline and fiscal control in Washington D.C., I am confident we will meet all our priorities including our goal to fully fund national and homeland security, Social Security and greater job creation.
The FY’06 Federal Budget Resolution:
Overall Spending
Total: $2.56 trillion in total budget authority for FY 2006 – an increase of $80 billion over FY 2005 budget authority of $2.48 trillion.
- Discretionary: $843 billion for regular appropriations bills – an increase of 2.1% over FY 2005.
- Defense: $419.5 billion – an increase of 4.8%. (Assumes President’s request.)
- Homeland Security: Net spending of $32.5 billion – an increase of 2.3%.
- All Other Spending: $391.1 billion – an overall reduction of 0.8%.
- War on Terror: Budget also accounts for the pending FY 2005 Supplemental ($82 billion), and anticipates $50 billion for FY 2006 costs. (The President’s budget included no accommodation for FY 2006 costs of the war on terror.)
- Mandatory: Accommodates $1.6 trillion – an increase of 7.0% over FY 2005 – in total
mandatory spending (outlays).
Deficit Reduction
- FY 2004 projected deficit was $521 billion, but we ended the year with a $412 billion deficit – a $109 billion, or 20% reduction. This keeps us on track to cut the deficit in half by 2009, both in dollars and as a percentage of GDP.
- This budget furthers deficit reduction by:
- Continuing our successful economic policies (no tax increase);
- Reducing total non-security discretionary spending by 0.8%;
Slows the growth of mandatory spending by 0.1% over five years – from its current rate of 5.7% over the 2004-2010 period to 5.6% – through savings in the reconciliation process.
Key issues
• No assumption on ANWR.
• Shores up solvency of retirement system.
• No Veterans Administration cuts.
• Accommodates transportation reauthorization as passed by the House.
• No assumptions on Social Security (which by law, is off budget).
• Increases above the President’s request for Community Development Block Grants and Veterans health.
Related
Documents:
Press Release
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Earmark Letter
7.26.2006
Press Release
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Cost of Gov Day
7.13.2006
Press Release
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Taxpayer Award
6.16.2006
Press Release
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Line Item Veto Markup
6.14.2006
Press Release
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Budget House Passage
5.17.2006
More Documents...
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